Adjustable Speed Research Articles

Dynamics of Dividend Payout in Korean Corporations: A Comprehensive Panel Analysis Across Economic Cycles

This research conducts a meticulous examination of the determinants influencing dividend payout dynamics among firms listed on the Korean Stock Exchange (KSE) from 1995 to 2021, a period characterized by profound economic fluctuations. By leveraging a dynamic panel data model and the Generalized Method of Moments (GMM) for estimation, the study addresses endogeneity concerns while exploring the effects of firm-specific and macroeconomic variables on dividend yields. The investigation delineates three distinct economic phases: normal conditions, financial crises, and the aggregate study period, facilitating a granular understanding of firms’ dividend payout adaptability under varying economic landscapes. Empirical findings underscore the persistence of dividend payments, revealing a variable adjustment speed toward target dividend yields contingent upon the economic context, with an expedited adjustment observed during crises. Crucially, firm profitability emerges as a consistent determinant of dividend yields across all examined periods, whereas the influence of macroeconomic variables is notably more pronounced during periods of economic normalcy. This research elucidates the complex interplay between internal corporate strategies and external economic pressures in shaping dividend policies, thereby enriching the discourse on dividend payout behavior in the context of Korea’s economic evolution from an emerging to a developed market.

Causality Relationship Between Producer and Consumer Price Indexes of Selected Meat Commodities in South Africa from 1991 to 2023

The South African meat industry plays an important role in food provision, income generation, and economic stability. However, inflation-driven volatility in commodity markets has intensified the focus on the nexus between producer and consumer price indexes, as significant meat price changes affect both producers and consumers. Therefore, this study explored the association and the causality between consumer price index (CPI) meat and producer price index (PPI) beef, mutton, pork, and chicken from 1991 to 2023 using the Vector Error Correction Model (VECM) and Granger causality test. The findings of the study revealed a short- and a long-run relationship among the variables with an adjustment speed (ECT) of 67.67%. No causal relationship was found between PPI beef and CPI meat, while unidirectional relationships were identified between CPI meat and PPI chicken, pork, and mutton. These results suggest that consumer meat prices impact production prices for chicken, pork, and mutton, but not for beef, indicating that beef price changes are influenced by factors other than general meat price fluctuations. Thus, while price controls or subsidies may manage price changes in chicken, pork, and mutton, further research or targeted strategies are needed to address the unique factors influencing beef prices. Ultimately, understanding these dynamics will enhance price stability in the meat market, benefiting consumers, producers, and the overall stability of the South African economy.

Can wage changes solve the labour crisis in the National Health Service?

This study aimed to examine the healthcare labour demand and supply elasticity regarding wage in the National Health Service (NHS) in England amid a labour crisis. A simultaneous error-correction regression analysis was conducted using secondary data from the NHS and Office for National Statistics from 2009 Q3 to 2022 Q1. Findings indicate both labour demand and supply of HCHS doctors in the NHS are highly inelastic with respect to real wages, with only a 0.1% decrease in NHS staff hiring and a 0.8% rise in NHS staff's willingness to work as full-time equivalents per 10% wage increase. Approximately 22% of the wage disequilibrium adjusts quarterly, indicating moderate speed of wage adjustment. Our results suggest that wage setting is not a sufficient solution to the labour crisis. Innovative and sustainable solutions are needed to reduce the demand for skilled health labour and increase the supply of health labour.

Complexity Analysis and Control of Output Competition in a Closed-Loop Supply Chain of Cross-Border E-Commerce Under Different Logistics Modes Considering Chain-to-Chain Information Asymmetry

To investigate the dynamic complexity of chain-to-chain output decisions in a closed-loop supply chain system of cross-border e-commerce (CBEC), this study decomposes the system into four product–market (PM) chains, based on the e-commerce platform’s information-sharing strategy and the manufacturer’s selected logistics mode (direct mail or bonded warehouse). By combining game theory with complex systems theory, discrete dynamic models for output competition among PM chains under four scenarios are constructed. The Nash equilibrium solution and stability conditions of the models are derived according to the principles of nonlinear dynamics. The stability of the model under the four scenarios, as well as the impacts of the initial output level and comprehensive tax rates on the stability and stability control of the system, are analyzed using numerical simulation methods. Our findings suggest that maintaining system stability requires controlling the initial output levels, the output adjustment speeds, and tariff rates to remain within specific thresholds. When these thresholds are exceeded, the entropy value of the model increases, and the system outputs decisions to enter a chaotic or uncontrollable state via period-doubling bifurcations. When the output adjustment speed of the four PM chains is high, the direct-mail logistics mode exhibits greater stability. Furthermore, under increased tariff rates for CBEC, the bonded warehouse mode has a stronger ability to maintain stability in system output decisions. Conversely, when the general import tax rate increases, the direct-mail mode demonstrates better stability. Regardless of the logistics mode, the information-sharing strategy can enhance the stability of system output decisions, while increased e-commerce platform commission rates tend to reduce stability. Interestingly, the use of a non-information-sharing strategy and the direct-mail logistics mode may be more conducive to increasing the profit levels of overseas manufacturers. Finally, the delayed feedback control method can effectively reduce the entropy value, suppress chaotic phenomena in the system, and restore stability to output decisions from a fluctuating state.

Assessing the Environmental Sustainability Corridor for BRICS Nations by Integrating Three SDGs, ‘Biocapacity’ and ‘Ecological Footprint’

The present study makes an attempt to analyse the co-integrating relation between ‘ecological footprint’ on one hand and GDP, trade openness, forest area and biocapacity on the other for the period 1992–2015 for five BRICS economies with the objective of ascertaining whether the rapid growth achieved by the BRICS is along a ‘sustainable’ path. Further, the study also tries to lookout for signs of ‘convergence’ of ‘ecological footprint’ amongst all BRICS economies. The methodology employed includes ARDL Co-integration Model, TY Causality and Beta Convergence Models. The results showed existence of long run co-integration amongst four BRICS nations (except for India where no co-integration was proved) with fast speed of adjustment towards long run equilibrium. Further, short-run causality was seen moving from ‘GDP’ and ‘forest area’ towards ‘ecological footprint’ in three of the five BRICS nations, while variable ‘trade’ was not seen causing ‘ecological footprint’. ‘Beta convergence’ was also proved for ‘ecological footprint’ amongst all BRICS nations. These results thus provide a clear indication as to which variables need to be targeted to achieve a ‘sustainable’ growth. The results also reveal the pace of long-term adjustment as shown by ECM(1) term, which would enable policymakers to plan their action for fulfilment of the objective of tackling ‘environmental degradation’ in BRICS economies. Also, convergence of ‘ecological footprint’ across BRICS indicates that similar policies to tackle environmental degradation could be framed for BRICS at their group meetings.

Are pre-opening periods important? Evidence from Chinese market lunch breaks

The Chinese stock market design offers a unique opportunity to examine the impact of pre-open call auctions on price efficiency and price discovery. By comparison, we find that opening prices of morning sessions, as determined by call auctions, are more efficient and informative than prices of the afternoon session, as determined by a continuous auction mechanism. Using corporate announcements to compare the speed of price adjustments in response to overnight information versus lunch break information, we find that prices react much more rapidly to overnight announcements, consistent with pre-open call auctions facilitating price discovery to announcements. Results also suggest that corporate announcements enhance stock liquidity with the effect of overnight announcements on liquidity being stronger than the effects of lunch break announcements. Overall, our evidence highlights the utility of pre-open call auctions.

Bimodal Photothermal-driven Self-sustained Oscillator Based on MXene Structure

Soft robots capable of autonomous, continuous, fast, and adjustable motion speeds under constant external stimuli have great potential in environmental, industrial, military, and medical fields. Aiming at the difficulties of existing self-oscillators, including small oscillation range, difficulty of achieving non-reciprocal motion, and the slow forward speed of the resulting self-sustained soft robots. In this paper, a sunlight-driven self-oscillator based on MXene is prepared. By employing a bimorph structure and thermal regulation process, the self-oscillator exhibits two distinct oscillation modes: 'elastic' and 'plastic' deformation. These modes can be modulated within the same film by varying the light power. A broader amplitude range (3.6-302.3°, 3.3 times that of the existing studies) is achieved by attaching a load to the film's end to enhance the inertial force of movement. Non-reciprocal motion in both modes and stable oscillations in sunlight are achieved. Finally, a light-driven sailboat model is developed. The sailboat can achieve autonomous light-forward motion with a speed of up to 12.8 body length per minute (2.1 times that of existing studies), with its propulsion mechanism further explained through numerical simulation results. This research provides new strategies for constructing fast and large-amplitude self-oscillators and demonstrates the potential for applications in speed-adjustable autonomous forward devices.

Capital structure adjustment speed and legal environments: Evidence from SMEs

Capital structure adjustment speed and legal environments: Evidence from SMEs

Information Technology and Electronic Commerce Investments, Time Trends of the Speeds of Adjusting the Actual Toward the Maximum Pay, and Chief Executive Officer Compensation

This research analyzes the effects of information technology (IT) and e-commerce (EC) investments and trends of the speeds of adjusting the observed toward the desired CEO pay in US firms, based on the adjustment model and its associated adjustment valuation (AV) approach, where the adjustment speeds are assumed dynamic and variable. The findings include: the speeds of adjusting the observed toward the unobserved compensation are fast; either IT or EC appearing alone or jointly impacts CEO compensation; the trends of adjustment speeds are nonlinear and nonstationary; and overall, the US CEOs tend to underpay during the period under study; among others.

Application Of Running Text On A 16x32 Dot Matrix Based On Arduino Uno Using Bluetooth

This study aims to develop a running text application using a 16x32 dot matrixmodule controlled by an Arduino Uno and connected via Bluetooth. Thesystem is designed to display moving text messages that can be easily changedthrough a mobile device. The methodology includes designing andprogramming the Arduino to control the dot matrix and implementing the HC05 Bluetooth module for wireless communication. The results indicate thatthe system can display various messages with adjustable speed and direction,as well as a quick response to commands sent via a smartphone app. Testingdemonstrates the system's reliability in various environmental conditions.This running text implementation is expected to be useful in variousapplications, such as public information, advertising, and othercommunication media. The study also contributes to the development ofinteractive systems based on microcontrollers with Bluetooth connectivity.

Next-generation Robotics in Otology: The HEARO Procedure.

In a world that is globalizing and centered on rapid communication, hearing impairment is one of the most common disabilities. The most effective and successful neural prosthesis in humans for treating the dysfunction of a sensory organ is cochlear implantation. The minimally invasive placement of the array in the cochlea should warrant the rehabilitation of profound hearing loss over all frequencies. Some key factors for structure and hearing preservation consist of minimal invasive drilling in the temporal bone and tailored inner ear access. Next-generation Robotically Assisted Cochlear Implantation Surgery (RACIS) focuses on robotic inner ear access. The purpose of this cadaveric preclinical study was to assess the viability and precision of a novel technology (the HEARO method) for RACIS, or more particularly, personalized robotic inner ear access. The external auditory canal, chorda tympani, ossicles, facial nerve, and other pertinent anatomical components were all 3-dimensional (3D)-reconstructed by the surgeon. The mean intended distance and drilling trajectory to the chorda tympani and facial nerve were, respectively, 0.44±0.13 and 0.35±0.27mm. With a mean insertion percentage of 94%, the surgeon was able to complete the HEARO method in 9 out of 10 procedures. There was no evidence of a collision or damage to vital structures. Future iterations of RACIS will prioritize haptic feedback, automated segmentation and trajectory, robotic insertion with adjustable speed, and imaging mobile cone beam computed tomography.

Foreign Direct Investment and Growth in ECOWAS: An ARDL Panel Analysis

This study examines the impact of core macroeconomic indicators on growth across Sixteen (16) West African countries using the Pooled Mean Group (PMG) estimation technique within a Panel ARDL framework. The analysis covers variables such as Foreign Direct Investment (FDI), Gross Capital Formation, percentage of working population growth, access to electricity, and inflation. The findings reveal that the effects of FDI on growth were mixed. While FDI positively impacts real GDP growth in some countries such as Benin, Cabo Verde, and Mauritania, its effect was however, negative in others such as Nigeria and Gambia. Gross capital formation, on the other hand, consistently supports short-run growth across most countries, while inflation emerges as a destabilizing factor. The speed of adjustment toward long-run equilibrium varies significantly, with countries such as Guinea-Bissau and Nigeria correcting economic shocks faster than others. This study contributes to the literature on economic growth dynamics in Africa by showing the heterogeneous responses of these countries to similar macroeconomic factors. It validates the need for country-specific policies that focus on stabilizing inflation, optimizing domestic investment, and effectively leveraging foreign direct investment. Also, improvements in infrastructure and access to markets are crucial for facilitating long-term growth across the region. The study provides valuable insights for policymakers and stakeholders aiming to achieve sustainable growth in the ECOWAS region.

Speed of capital structure adjustment to the target in Latin American firms

Speed of capital structure adjustment to the target in Latin American firms

Dynamic Gust Detection and Conditional Sequence Modeling for Ultra-Short-Term Wind Speed Prediction

As the foundation for optimizing wind turbine operations and ensuring energy stability, wind speed forecasting directly impacts the safe operation of the power grid, the rationality of grid planning, and the balance of supply and demand. Furthermore, gust events, characterized by sudden and rapid wind speed fluctuations, pose significant challenges for ultra-short-term wind speed forecasting, making the data more complex and thus harder to predict accurately. To address this issue, this paper proposes a novel hybrid model that combines dynamic gust detection with Conditional Long Short-Term Memory (Conditional LSTM) and incorporates dynamic window adjustment and wind speed difference threshold screening methods. The model dynamically adjusts the window size to accurately detect gust events and uses a conditional LSTM model to adjust predictions based on gust and non-gust conditions. Experimental results show that the proposed model exhibits higher prediction accuracy across various wind speed scenarios, particularly during gust events. Through detailed experiments using data from a single actual wind farm, the effectiveness and practicality of the proposed hybrid model are demonstrated. The experimental results indicate that the proposed model outperforms contrast models, especially in handling gust events, significantly enhancing the robustness of ultra-short-term wind speed predictions.

Analysis of Ghana—Nigeria Export Trade: Linkages, Impacts and Policy Implications

This study hypothesised that the Ghana-Nigeria export trade has a significant impact on the economy of Ghana. Time series on variables of interest were obtained from the World Development Indicator (WDI) of the World Bank and the Ghana Statistical Service (GSS). The 2018 input-output table for Ghana was obtained from the social accounting matrix of the Organisation for Economic Co-operation and Development (OECD). The data were analysed using descriptive statistics, input-output analysis, and the autoregressive distributed lag (ARDL) bound testing approach. Through input-output analysis, this study found significant total impacts (151.585 to 190.139 million Ghana Cedis) in 2017 and 2018, centred around export commodities such as food and live animals, beverages, and tobacco. The expanding field of influence (214.373 to 268.898) and the ratio of impacts to Ghana's GDP (0.058% to 0.062%, then 0.044%) substantiate their pronounced role in the economy. The ARDL model showed that a percent increase in Ghana-Nigeria exports led to a 0.1017% increase in Ghana’s real GDP on the log-run. The speed of adjustment was 42.18% in each period. By providing support to exporters, both countries can leverage their comparative advantages, strengthen economic ties, and foster sustained growth through increased export trade.

SPEED OF ADJUSTMENT OF CAPITAL STRUCTURE IN LISTED COMPANIES ON THE INDONESIA STOCK EXCHANGE

This study aims to analyze the speed of adjustment of capital structure in companies listed on the Indonesia Stock Exchange (BEI) by considering key variables such as SoA, Distance, Profitability (RoA), Growth, and Tangibility. SoA refers to the speed at which companies adjust to their target capital structure, and the results indicate that companies in Indonesia have not yet reached an optimal capital structure target. Distance reflects the difference between the actual and target capital structure, while profitability reflects the financial performance of the company. Growth and Tangibility refer to company growth and the level of tangible assets that can be pledged as collateral. This study involved 717 companies listed on the BEI from 2020 to 2022, with 2020 as the estimation period and 2021-2022 as the research period. The One Sample t-test with a test value of 1 and multiple linear regression analysis with classical assumption testing were employed to examine the relationship between these variables and SoA. Each variable that has been used in this study shows that the speed of adjustment of capital structure in companies listed on the Indonesia Stock Exchange is not at the optimal target. Of the five hypotheses made, it turns out that only three hypotheses were accepted while the other two hypotheses were rejected.

SPATIAL MARKET INTEGRATION AND PRICE TRANSMISSION OF COWPEA (Vigna unguiculata) IN NIGERIA

The study investigated spatial market integration and price transmission of cowpea in Nigeria. Secondary data on monthly basis for wholesale cowpea price per kilogram were used for the study. Augmented Dicky Fuller Test, Johansen Co-integration model, Granger Causality Test and Variance Decomposition of Vecto Autoregressive Model and Error Correction Model were used as analytical tools. Augmented Dickey Fuller test revealed that first difference all the price series were stationary and lag one (1) is the optimum lag length appropriate for the specified variables. Cointegration test results of the markets proved that despite that these markets were spatially separated geographically, they were connected in terms of price transmission across them, both in the long and short run but the level of integration is weak. It was observed that price changes are temporary and would converge to an equilibrium within a given time span. Granger causality test results indicate that one pair showed bi-directional causation between Bauchi and Enugu States. Thirty two (32) links showed unidirectional and three (3) pairs such as Niger→Abia, Niger→Lagos and Sokoto→Cross River States pairs showed no causal relationship between them. The study showed that Gombe and River States cowpea price had a faster speed of adjustment to equilibrium than other states. It also revealed that that 1% increase in Jigawa State will result to 20.5% increase in Enugu state and 1 % increase in River State will lead to 40.6% and 64.8% increase in Gombe and Nasarawa States in the short run respectively. The study concluded that, there is integration between the cowpea prices of source and destination states, but the degree of integration is weak. It is recommended that market participants should adopt standardize trading, settlement practice and invest in technology (electronic trading platform) to reduce operational inefficiencies in different markets to support integration.

Investigation of Inflation and Wage Dynamics in Nigeria: New Empirical Insights

The current inflationary pressure in Nigeria is eroding the purchasing power of the salaried workers and the value of the national currency with the proposition that it could worsen the welfare of the citizens despite the abject and extreme poverty that prevails in the country. The paper therefore made an empirical investigation into the inflation and wage dynamics in Nigeria. The variables were tested for unit roots using ADF tests. The unit roots shows that all the variables are non-stationary at levels except the Consumer Price Index of Transportation (CT) and Wages and Salaried Workers as Proportion of Total Employment (WSW). Employee compensation including remittances (COMP), inflation rate (INFR), WSW and Consumer Price Index of Transportation (CT) are stationary at first difference. Autoregressive Distributed Lag (ARDL) model was used in the methodology. The ARDL long-run result shows that the Consumer Price Index for Food (CF) has the highest impact on the Compensation of Employees (COMP). For every 1 percent change in COMP, CF changes by 19 percent. As INF rises, COMP falls. This is shown by the negative coefficient of INFR. The long-run result also suggests that for every 1 percent change in COMP, CT increases by 9%.The short-run dynamic model showed that a 6% fall in the lag period of inflation level led to a 1% increase in employee compensation and a one-year previous period fall of 30% in WSW, bringing about I% increase in employee compensation. The long-run model showed that the variables are co-integrated which indicates that variation in the short run will be corrected in the long run with 59% speed of adjustment. The study shows that the main drivers of inflation in Nigeria are Consumer Price Index for Food (CF) and Consumer Price Index for Transportation (CT) which directly have negative impact on Employee Compensation (COMP). In line with the above findings, It was recommended that maximum price legislature, demonetisation of currency, exercising great caution in incurring public debt, drastic reduction in government expenditure and adoption of rational wage policy can be a viable macroeconomic policy option.

Assessing the Effect of Toothpastes on Enamel Surface Roughness Using a Custom-Designed and Fabricated Toothbrush Simulator Device for Evaluation.

The primary objective of this study is to emphasize the importance of maintaining optimal oral health through regular toothbrushing practices. To achieve this objective, a custom-designed electromechanical toothbrush simulator device was developed. This innovative tool enables researchers to investigate the impact of abrasive-based whitening toothpastes on enamel surface roughness compared to brushing without toothpaste. The device design is composed of multiple systems, including mechanical, motorization, and toothpaste irrigation components. The device incorporates various components, including mechanical, motorization, and toothpaste irrigation systems. Specifically, the mechanical aspect comprises fabricated metal parts, 3D printed elements, and a load cell for measuring brushing force. The motorization section integrates a microcontroller and a stepper motor, allowing for the adjustment of brushing cycles and speed. Furthermore, the toothpaste irrigation system employs a pump with adjustable speed, along with a toothpaste canister and a waste receptacle. By providing a controlled environment for evaluating the effects of different toothpaste formulations on enamel integrity, this simulator device contributes significantly to advancements in oral care research and product development.

Analyst cliques coverage and the speed of leverage adjustment: Evidence from China

This study examines how analyst cliques influence firm leverage adjustment by investigating the potential echo chamber effect within complex analyst networks. Using a multilayer network framework based on information exchanges—such as teammate cooperation, cross-team communication, and stock co-coverage—we apply the Louvain algorithm to identify analyst cliques, where analysts are likely to have similar perspectives. Our findings indicate that firms covered by a higher number of analyst cliques experience slower leverage adjustment. This result remains consistent after addressing potential endogeneity concerns. The delay in leverage adjustment is attributed to the echo chamber effect within cliques, where analysts share homogeneous views that significantly diverge from those of other cliques, creating a chaotic information environment. Furthermore, from the perspective of moderating effect, we find that the negative effects of analyst cliques on leverage adjustment become more pronounced in firms with weaker governance structures and higher financing constraints. This research offers new insights into the relationship between the information environment and leverage adjustment within the dynamic trade-off model, providing valuable implications for regulators and investors in understanding the role of analyst networks in emerging financial markets.